IN THIS CORNER: Production will continue for decades in Marcellus Shale

Energy is tremendously important to our way of life - yet we often take it for granted.

Sure, we know it powers our lights, heats our homes and fuels our vehicles, but energy is also important to many other industries. Manufacturing, pharmaceuticals, agriculture, steel and petrochemicals would all cease to exist without it. In fact, without energy, many of the things we need to maintain our comfortable lives would no longer be available to us.

For the last few decades, our country has relied on energy imports to meet our growing demand. But now, because of shale gas development, the United States is, once again, the largest producer of natural gas in the world and is on track to become the number one producer of oil by the end of the decade. The Marcellus Shale is providing new opportunities for businesses and individuals to prosper and education is the foundation for this new growth and expansion.

This past week, Cabot Oil & Gas Corp. announced a gift of $2.5 million to the Lackawanna College School of Petroleum & Natural Gas to help train future generations to work here in Northeast Pennsylvania and to open opportunities around the world.

As an industry leader producing approximately 1.5 billion cubic feet of natural gas each day from the Marcellus Shale, Cabot recognizes the tremendous impact natural gas development is having on the United States and throughout the industrial sector. For the past six years, Cabot has developed this resource safely and efficiently, investing over $3 billion in Susquehanna County and in surrounding communities. But this is just the beginning for our company and for the region.

Over the next decades, our company will continue developing more wells in the Marcellus Shale area. Given the prolific nature of Marcellus Shale wells, production is expected to continue for decades after each well is developed. For example, at just one of our locations where there are 10 wells developed on a single pad, the average daily production is enough to supply the city of Philadelphia's daily natural gas needs.

The 2014 Annual Energy Outlook forecast for United States energy markets predicts natural gas production will grow steadily, increasing 56 percent between 2012 and 2040. Due to this increase in production, the report suggests, natural gas prices will remain low, boosting natural gas-intensive industries and raising consumption in the U.S. industrial sector.

We recognize the importance of developing a mechanism for skilled petroleum and natural gas technologists to enter the workforce and continue this energy renaissance we have started. The Department of Labor's Bureau of Labor Statistics estimates that over the next 10 years employment across the oil and gas extraction industry will increase creating approximately 34,000 new positions. The industry will be in need of skilled individuals to fill these positions to continue meeting America's energy needs.

The funds from Cabot's gift to Lackawanna College will be directed toward the creation of a $1 million endowment to provide continuing support for student scholarships and help meet the long-term needs of the school. The additional dollars will be used for state-of-the-art equipment, training, staff and faculty development, and student interactive experiences and internships. This gift is just one way that Cabot - along with others in the industry - is ensuring that future industry employees will be prepared for the numerous opportunities in the ever-expanding petroleum and natural gas industry.

We feel that Cabot's partnership with Lackawanna College will position students with a world-class education and the ability to become employed in the oil and gas industry right here in Northeast Pennsylvania or elsewhere across the country if they should so choose. And at the same time, it will expand the opportunities for residents, business and the surrounding area to become a part of this great revolution.

GEORGE STARK is director of external affairs for Cabot Oil & Gas Corp. Visit www.cabotog.com for more information. Would you like to write for IN THIS CORNER? Contact us at business@timesshamrock.com.

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